Authorizes the city of Newton to issue pension obligation bonds or notes to fund unfunded pension liabilities.
The bill authorizes the city of Newton to issue pension obligation bonds or notes to fund unfunded pension liabilities. The city must submit a financing plan to the executive office for administration and finance for approval. The bonds or notes can be funded with proceeds from the bonds or notes, annual contributions, and other expenses. The city can establish a pension system stabilization fund, which must be separate from other funds. The maturities of the bonds or notes must be scheduled to achieve a more rapid amortization of principal.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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